VANCOUVER, Nov. 5, 2019 /PRNewswire/ - Entrée
Resources Ltd. (TSX: ETG; OTCQB: ERLFF – the
"Company" or "Entrée") announces that
Turquoise Hill Resources Ltd. ("Turquoise Hill") provided an
update on November 4, 2019 that the
construction of Shaft 2 on the Oyu Tolgoi underground project is
complete and is in the final stages of commissioning.
As noted by Turquoise Hill, Shaft 2 is a 10 metre diameter shaft
that is sunk approximately 1.3 kilometres below the surface. The
completion of Shaft 2 is a significant milestone achieved, as it
will allow for up to 300 people in the service hoist and lift up to
60 tonne skips in the production hoist, both of which will
accelerate the development of the underground Oyu Tolgoi
copper-gold mine.
Stephen Scott, President and CEO
of Entrée commented, "We are excited to be able to report
achievement of this extremely important milestone for the Oyu
Tolgoi project. Turquoise Hill has also reported that it
expects mine planning decisions to fine tune the Oyu Tolgoi
underground mine design will be completed by April 2020 and we look forward to updating the
market on that as soon as further information becomes
available".
ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is
a well-funded Canadian mining company with a unique carried joint
venture interest on a significant portion of one of the world's
largest copper-gold projects – the Oyu Tolgoi project in
Mongolia. Entrée has a 20% or 30% carried participating
interest in the Entrée/Oyu Tolgoi joint venture, depending on the
depth of mineralization. Sandstorm Gold Ltd., Rio Tinto and
Turquoise Hill are major shareholders of Entrée, holding
approximately 19%, 9% and 8% of the shares of the Company,
respectively. More information about Entrée can be found at
www.EntreeResourcesLtd.com.
This News Release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws with
respect to corporate strategies and
plans; construction and continued development of
the Oyu Tolgoi underground mine; permitting time lines;
anticipated business activities; and future financial
performance.
In certain cases, forward-looking statements and information
can be identified by words such as "plans", "expects" or "does not
expect", "is expected", "budgeted", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "does not anticipate" or
"believes" or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "will be taken", "occur" or "be achieved". While the
Company has based these forward-looking statements on its
expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee of
Entrée's future performance and are based on numerous assumptions
regarding present and future business strategies, the correct
interpretation of agreements, laws and regulations, local and
global economic conditions and negotiations and the environment in
which Entrée will operate in the future, including commodity
prices, projected grades, anticipated capital and operating costs,
anticipated future production and cash flows, the anticipated
location of certain infrastructure and sequence of mining and the
status of Entrée's relationship and interaction with the Government
of Mongolia, Oyu Tolgoi LLC
("OTLLC"), Rio Tinto and Turquoise Hill. With respect to the
construction and continued development of the Oyu Tolgoi
underground mine, important risks, uncertainties and factors which
could cause actual results to differ materially from future results
expressed or implied by such forward-looking statements and
information include, amongst others, the timing and cost of the
construction and expansion of mining and processing facilities; the
timing and availability of a long term domestic power source for
Oyu Tolgoi (or the availability of financing for OTLLC to construct
such a source); the ability of OTLLC to secure and draw down on the
supplemental debt under the Oyu Tolgoi project finance facility and
the availability of additional financing on terms reasonably
acceptable to OTLLC, Turquoise Hill and Rio Tinto to further
develop Oyu Tolgoi; delays, and the costs which would result from
delays, in the development of the underground mine; the status of
the relationship and interaction between OTLLC, Rio Tinto and
Turquoise Hill with the Government of Mongolia on the continued operation and
development of Oyu Tolgoi and OTLLC internal governance; projected
copper, gold and silver prices and their market demand; and
production estimates and the anticipated yearly production of
copper, gold and silver at the Oyu Tolgoi underground mine.
Risks, uncertainties and factors which could cause actual
results, performance or achievements of Entrée to differ materially
from future results, performance or achievements expressed or
implied by forward-looking statements and information are
discussed in the Company's most recently filed
MD&A and in the Company's Annual Information Form for the
financial year ended December 31,
2018, dated March 29, 2019
filed with the Canadian Securities Administrators and available
at www.sedar.com and the Company's Annual Report
on Form 20-F for the fiscal year ended December 31, 2018 filed with the United States
Securities and Exchange Commission on April
1, 2019, which is available at www.sec.gov.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company is under no obligation to update or alter
any forward-looking statements except as required under applicable
securities laws.
View original
content:http://www.prnewswire.com/news-releases/entree-resources-provides-update-on-oyu-tolgoi-construction-300952340.html
SOURCE Entrée Resources